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Obama Rejects New Atlantic Ocean Oil Drilling (usatoday.com)
mdsolar writes: The Obama administration will abandon its plan to allow new offshore oil drilling on the U.S. southeast coast, dealing a blow to petroleum companies that had hopes of tapping new reserves. The Interior Department is set to announce today that it will not auction off certain drilling rights for Atlantic Ocean waters off the coast of Virginia, North Carolina, South Carolina, Georgia and Florida. The reversal comes after environmentalists, coastal residents, and the U.S. military vocalized opposition to the plan. It also comes amid declining industry investment in new exploration and production activities as oil prices fell by about 70% since late 2014 -- although the industry is still seeking long-term investment opportunities under the assumption that oil prices will recover.
@BarackObama
Do we even care at this point?
We're gonna be in this glut until '18 or even longer by the looks of things. The offshore drillers are sucking wind big time - they are scrapping rigs, begging banks for restructuring and some may be out of business soon.
This was a not a very big victory for the Obama administration because not too many folks were fighting for those rights. They have bigger worries now, Besides, we're gonna have a new POTUS in '18 or whenever the glut breaks. So, yawn, this is just a feel good story for the Democrats and Environmentalists.
“Somehow,” [Obama Energy Secretary] Chu said, “we have to figure out how to boost the price of gasoline to the levels in Europe.”
Who cares if it's a hideously regressive tax on the poor.
Now is clearly not the time for the public to auction off oil drilling rights. If you're going to do that, you want a good price for them. Sell high, not low.
"recover". Interesting phrasing. Unless you're trading it, it's a resource most of us would like to stay reasonably priced.
- From a state investigated multiple times for the highest national gas prices for no reason; especially on 9/11.
Why are they even applying for oil drilling permits if the price is at historic lows?
After all, it's another local source of fuel for their stuff.
"I don't know, therefore Aliens" Wafflebox1
wait until another day.
Righton, Someone steps up with a huge SET and sez, go for it..
Way to grow various Sets, Obama Adminisatration.
With Prices so low, obviously signalling a "glut" of oil in the market, why the heck would we want more?
It's just big business staying alive at the expense of others..
For no obvious reason..
stoopid
He will 'fix' this.
I am sick of his self voted shit articles every 10 fucking mins. If its mdsolar it's shit.
If information wants to be free, why does my internet connection cost so much?
"coastal residents". That says it all. Owners of expensive beach front property don't want to risk any oil spills. I guess they can pin the blame on Obama. Frankly, I'd have a special tax for beach front property and scenic views.
This is the leftist worldview at work. In their world, energy *should* be expensive, living standard should be lower, the ultimate goal of any nation should be to be "green", not prosperity or the pursuit of happiness. Politicians who adhere to this ideology consider themselves to be accountable to {the UN|Greenpeace|"the planet"}, never to the constituents who elected them. Indeed Obama and his New-Age pals in virtually every First World country believe that a good government is one that manages to overcome (or ignore) the opposition of its own population in the pursuit of Agenda 21.
There is currently no need for any offshore drilling. Remember that the Deepwater Horizon oil spill happened because BP was CLOSING that well (and others) since they did not want its production to further depress oil prices. Now that these greedy bastards have figured out a loophole in the law that prevented them from selling crude oil outside the US, they want to pump it all out now. That way they can ship it out of the country, store it for a couple of years until the price rebounds, process it in foreign refineries and sell it back to US are greatly inflated prices.
On a globally depressed economy, the price dropped like a rock to the point it's cheaper to leave U.S. domestic oil where it is. Let the sand people pump out their oil. When the price goes back up again, then it will be profitable to pump out our oil to bring the price back down. It's already gone up here in Missouri. Less than 2 months ago, we were paying $1.18 per gallon and now it is running $1.79 per gallon. Of course the oil refineries say it's because of the shutdown to change out the winter blend to the summer blend fuel LMAO. The shale oil industry took a hit when the price fell, but, the price will be back up to around 3 bucks a gallon by the end of this year, so they can gear up to pump the oil out of the Dakota's again if needed.
12-months from now the next President will open the East, Southeast, West and Arctic coast up for bidding on drilling and exploring rights.
And the price per barrel oil will be in the $55 to $65 range.
Hah
Has done a good thing here. It is time to keep oil prices low by shifting to more fuel efficient cars, electric cars, and eliminating home heating oil use. No need for more drilling, just keep it difficult for the Saudis to cut production.
God loves you. I don't, but God does.
The oil companies are sitting on more proven reserves than can ever be pumped and burned if we are going to avoid catastrophic climate change. Even the Saudi's recognize it and that is why they are pumping as much of their oil as possible now (even at low prices) because they know it will be worth even less in the future. They're even trying to sell all of their oil assets now to some sucker who believes "oil will make a big comeback".
Most oil companies have oil assets on their books which will be worthless in the future (Google "stranded assets").
Coal is already done and finished and bankrupt.
Oil is next... it will take a while to go away (just like IBM and Microsoft are coasting on past glories) but there is no future growth in oil.
So, Obama is doing them a favor by preventing them from throwing money at Arctic drilling and Atlantic coast drilling. They should thank him (and look for another business opportunity).
I don't read your sig. Why are you reading mine?
During the 2012 debates.
But not from the USA since a shut down company with former employees scattered all over and the gear auctioned off or scrapped does not start up instantly with a wave of a magic wand. By the time somebody rebuilds from scratch a going concern elsewhere has already filled the niche.
As for electric cars, the entire point is to shift pollution. Lower costs for something else don't help if your local government tells you to get your SUV out of the place due to smog. China appears to be heading that way too for the same reasons so expect a lot of flimsy but dirt cheap electric vehicles in the next few years. Of course trains, busses, trams whatever in high pollution urban areas makes one hundred times more sense but governments want to shift costs onto vehicle owners instead of doing something that sensible.
Russia gave up in Syria?
Is there a shortage of oil I was unaware of or something? I though the low oil per crude barrel prices meant that there was already more supply than demand?
We are going to need oil for at least another 30 years. How can I say this? Simple. Boeing has been making planes on a 30 year schedule for a very long time. Any plane they produce today they intend to see flying for the next 30 years. These planes burn kerosene, and they will for 30 years. Therefore we need oil for the next 30 years.
Not enough for you? You think that isn't enough? That we'll just make new planes that don't need oil? What about trucks, tractors, bulldozers, ships... Let's stop here at shipping for a bit. As much as people might not like it but the world's shipping infrastructure runs on diesel fuel. No diesel fuel and shipping moves at the pace of horses and sails. That is unless we have the time to make a smooth transition to whatever comes next. Perhaps what comes next is synthetic diesel fuel, derived from algae or nuclear power. If we cut ourselves off from cheap oil then we could cut ourselves off from whatever could replace it.
To put up windmills takes coal fired aluminum smelting, diesel fueled trucks and construction equipment, and so on. If the price of oil goes up then the price of construction goes up, the price of shipping goes up, the price of materials goes up, therefore the price of windmills go up. Solar panel prices go up, ethanol prices go up, energy in whatever form gets more expensive.
Energy is energy. Expensive oil means expensive everything. Not drilling for oil does not make windmills or solar panels cheaper. As odd as it may sound we need cheap oil to move away from oil. We need to make oil so cheap that it becomes worthless. If we make energy cheap then it becomes unprofitable to drill for it. The path to cheap energy is infrastructure. Right now infrastructure is built with the energy from oil.
Besides, not drilling for oil in the USA means we buy it from somewhere else. Does anyone out there believe that any other nation will drill oil as responsibly, clean, and safe, as the USA would? If people want to prevent oil spills then we should be drilling for it under the supervision of the US EPA. Also, wars are fought over oil, what if oil from the USA were cheaper than from the dictators of the world? Would these despotic assholes be in power if they could not sell their oil? We need to make oil so cheap that they cannot profit from it. Impossible? Perhaps, but can we at least try?
Not drilling for oil in the USA is only making the world a less free, dirtier, and more dangerous place.
I am armed because I am free. I am free because I am armed.
Obama rejects new drilling at a time when nobody wants to do any new drilling? With the price of oil hovering ~$37/barrel, who the hell is going to be interested in making massive investments in new production capacity? A new president is coming onto the scene in 10 months anyway, so the decision can also be quickly reversed when oil prices increase.
If the President had the courage of his convictions, he would have done this AND stopped the Keystone XL project before the last presidential election.
What he HAS done is marketed his name and proclaimed no failures (see his debacle showing off the "Trump Business products" that weren't Trump's, for example. He doesn't give a shit he's lying, and he knows his supporters will willfully blind themselves to the lies because they hope they'll be winners when he gets power. As opposed to being fucked in the ear. And the MSM he can easily bully. They want the ratings more than they want journalism.
Less in a year left in this failure of a presidency called Obama. Trump will allow them drill. Sometimes it seems like Obama thinks of the worst thing he could do, and dose it just to give people the middle finger.
I've said as much as soon as people started talking about electric cars in any meaningful way. Oil used for personal transportation may go away, but there are plenty of things we depend on too heavily in our current way of life to go anywhere.
Planes being one as you mentioned. Passenger planes use oil, no getting around it. Unless we want to go back to Zeppelins that take a week to get anywhere, there isn't much for alternatives.
Ocean Shipping. You like the global market, and getting widgets from China, well you need huge shipping vessels. These things run on oil. They have things like twin 30,000HP engines running them. You are not replacing them with anything... Millions of sailing ships perhaps, but then costs make it worthless.
The other thing is fertilizer, oil is used in it's production, and to a lesser extent tractors and other mechanized farming equipment that due to how we grow food today globally, isn't something we can just stop doing.
Oil won't get expensive, quite the opposite for a very long time. Demand will be going down, while reserves will still be very high. Sure companies won't be expanding, but only because they won't need to. Some of that economy of scale will make it more expensive to produce perhaps, and there could be some turmoil with failing companies and others being bought out (more consolidation if you can believe it probably)... Anyway all of this is very far out, as you say at least 30 years. Anyway I don't see oil ever going truly away unless A) some here to unknown magic technology suddenly makes it irrelevant, or B) we remarkably change the way in which we live, like back to the stone ages (well prior to the industrial revolution anyway) with much less population etc...
IOW, the Saudis told him no.
- We love sucking the Kochs of big oil ! We must be angry ! ...
- But the military was against this, and we love the military cock too, we must be happy !
- But the Kochs gave us lots of money ! We must be angry
- But the military has all those juicy defense contracts that keep all our other funders happy, so we must be happy !
Obama did this, don't matter what we know, don't matter what else was says - nothing else matters except that Obama did this - we get to be angry no matter what.
Unicode killed the ASCII-art *
We cannot however burn the bodies of the climatologists. God may think we're using them for energy...
Unicode killed the ASCII-art *
You might love the smell of napalm in the morning, but God, by all names, really loves the screams of the tormented in the morning.
Birds are not dinosaur descendants;birds are dinosaurs, for all useful meanings of "birds", "are" and "dinosaurs"